An alarming number of people have not established an estate plan. A survey cited by Think Advisor found that just 26% of Americans have a comprehensive estate plan in place. This is a problem because proactive, comprehensive estate planning is a must.
You may be considering the do-it-yourself (DIY) estate planning approach. It is crucial that you have a full understanding of the risk. Estate planning should be done by a professional. Here, our Fort Lauderdale estate planning attorney highlights five risks of DIY estate planning in Florida.
Risk #1: Estate Planning is Complicated (Things Can Get Missed With a DIY Plan)
An estate plan should effectively protect you and your family no matter what tomorrow might throw at you. The right plan is meant to provide peace of mind—and it should be truly comprehensive. Unfortunately, many people run into problems with the estate planning process because it is so complicated. There are a wide range of different issues that need to be considered, addressed, prepared for, and resolved.
Indeed, estate planning is about a lot more than just drafting a will—it involves carefully structuring legal documents to ensure that your assets are protected, that your wishes are honored, and that your family and other closest loved ones are protected. A DIY approach may seem simple, but without a comprehensive understanding of Florida estate laws, tax implications, asset protection regulations, probate rules, and a wide range of other matters, critical details can easily be overlooked. Unfortunately, even small omissions—such as failing to properly designate beneficiaries or misunderstanding certain legal requirements—can result in unintended consequences.
Risk #2: Seemingly Small Errors Could Render Estate Planning Document Invalid
What happens if you make a minor mistake in a will or other estate planning document? The answer depends on the specific circumstances. With that being said, seemingly small errors can actually cause very big estate planning problems. Estate planning documents must meet strict legal standards to be considered valid. A single mistake—such as failing to sign a will in accordance with state law, using unclear language, or missing required witness signatures—can cause a document to be challenged or even deemed invalid in court. If that happens, your estate could be distributed according to state intestacy laws rather than your personal wishes. Other problems can arise if there are errors in other estate planning documents, such as your power of attorney (POA) or living will. It is a big potential risk with do-it-yourself estate planning.
Risk #3: Internet Estate Planning Forms are Available But are Often Not Effective
You can find a lot of different form-based estate planning documents online. You can even find documents that are purported to be for Florida-specific estate planning issues. Unfortunately, even though these types of internet-based forms are widely available, they are not truly reliable. A one-size-fits-all document rarely provides the level of customization necessary for a truly effective plan. The reality is that online templates generally fail to account for unique family dynamics, special circumstances, and Florida-specific laws. It renders them far less effective.
Another big issue is that these forms often lack guidance on how to properly execute and store your estate planning documents. In some cases, that can render them unenforceable when they are needed most. Estate planning is not just about filling in blanks—it requires careful consideration of your goals and the legal tools available to achieve them. DIY estate planning—even when done with pre-crafted forms—is not ideal. A top-tier Fort Lauderdale estate planning lawyer can help you craft the plan that is the best fit for your specific situation.
Risk #4: DIY Estate Planning Can Put Your Assets at Risk
One of the most important (and often overlooked) aspects of estate planning is asset protection. The process of aging puts your assets at risk. Long-term care costs are one of the primary reasons why people need a proactive strategy for asset preservation and wealth preservation in Florida. DIY estate plans typically fail to adequately protect assets. It is a big cause for concern when building an estate plan that works for you and your family.
Without the right strategy, your estate may be exposed to unnecessary taxes, legal claims, long-term care costs, or other vulnerabilities that could significantly diminish what you leave behind for your loved ones. Beyond that, improper titling of assets or failure to update beneficiary designations can result in assets being distributed in ways that contradict your intentions. A Fort Lauderdale estate planning lawyer can help you craft a plan to best protect your hard-earned life savings.
Risk #5: DIY Estate Planning Increases the Risk of a Serious Dispute Between Loved Ones
No person wants to leave their family and friends dealing with stress, confusion, or worse yet, a serious dispute. Unfortunately, that is a big risk with DIY estate planning. Indeed, one of the most heartbreaking consequences of inadequate estate planning is the potential for family conflict. If your documents are unclear, outdated, or legally questionable, very bad disputes can arise between your loved ones. It could lead to lengthy, costly, and emotionally draining legal battles.
Family members may challenge a will, argue over asset distribution, or feel that your true intentions were not honored. They may even have good faith mistaken beliefs about what your final wishes actually are. These disputes can strain or even permanently damage relationships. DIY estate plans too often end in bad disputes—especially so if the decedent owns complex property/assets. A properly structured estate plan can make a difference.
Consult With Our Fort Lauderdale Estate Planning Lawyer Today
At The Law Offices of Odelia Goldberg, our Fort Lauderdale estate planning attorney provides solutions-focused guidance and support to people and families. DIY estate planning can be extremely risky. You are not alone. If you have any questions about your options, we are more than happy to help. Contact us today for a fully confidential consultation. We provide estate planning services in Fort Lauderdale and throughout the surrounding region in Florida.
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An alarming number of people have not established an estate plan. A survey cited by Think Advisor found that just 26% of Americans have a comprehensive estate plan in place. This is a problem because proactive, comprehensive estate planning is a must.
You may be considering the do-it-yourself (DIY) estate planning approach. It is crucial that you have a full understanding of the risk. Estate planning should be done by a professional. Here, our Fort Lauderdale estate planning attorney highlights five risks of DIY estate planning in Florida.
Risk #1: Estate Planning is Complicated (Things Can Get Missed With a DIY Plan)
An estate plan should effectively protect you and your family no matter what tomorrow might throw at you. The right plan is meant to provide peace of mind—and it should be truly comprehensive. Unfortunately, many people run into problems with the estate planning process because it is so complicated. There are a wide range of different issues that need to be considered, addressed, prepared for, and resolved.
Indeed, estate planning is about a lot more than just drafting a will—it involves carefully structuring legal documents to ensure that your assets are protected, that your wishes are honored, and that your family and other closest loved ones are protected. A DIY approach may seem simple, but without a comprehensive understanding of Florida estate laws, tax implications, asset protection regulations, probate rules, and a wide range of other matters, critical details can easily be overlooked. Unfortunately, even small omissions—such as failing to properly designate beneficiaries or misunderstanding certain legal requirements—can result in unintended consequences.
Risk #2: Seemingly Small Errors Could Render Estate Planning Document Invalid
What happens if you make a minor mistake in a will or other estate planning document? The answer depends on the specific circumstances. With that being said, seemingly small errors can actually cause huge estate planning problems. Estate planning documents must meet strict legal standards to be considered valid. A single mistake—such as failing to sign a will in accordance with state law, using unclear language, or missing required witness signatures—can cause a document to be challenged or even deemed invalid in court. If that happens, your estate could be distributed according to state intestacy laws rather than your personal wishes. Other problems can arise if there are errors in other estate planning documents, such as your power of attorney (POA) or living will. It is a big potential risk with do-it-yourself estate planning.
Risk #3: Internet Estate Planning Forms are Available But are Often Not Effective
You can find a lot of different form-based estate planning documents online. You can even find documents that are purported to be for Florida-specific estate planning issues. Unfortunately, even though these types of internet-based forms are widely available, they are not truly reliable. A one-size-fits-all document rarely provides the level of customization necessary for a truly effective plan. The reality is that online templates generally fail to account for unique family dynamics, special circumstances, and Florida-specific laws. It renders them far less effective.
Another big issue is that these forms often lack guidance on how to properly execute and store your estate planning documents. In some cases, that can render them unenforceable when they are needed most. Estate planning is not just about filling in blanks—it requires careful consideration of your goals and the legal tools available to achieve them. DIY estate planning—even when done with pre-crafted forms—is not ideal. A top-tier Fort Lauderdale estate planning lawyer can help you craft the plan that is the best fit for your specific situation.
Risk #4: DIY Estate Planning Can Put Your Assets at Risk
One of the most important (and often overlooked) aspects of estate planning is asset protection. The process of aging puts your assets at risk. Long-term care costs are one of the primary reasons why people need a proactive strategy for asset preservation and wealth preservation in Florida. DIY estate plans typically fail to adequately protect assets. It is a big cause for concern when building an estate plan that works for you and your family.
Without the right strategy, your estate may be exposed to unnecessary taxes, legal claims, long-term care costs, or other vulnerabilities that could significantly diminish what you leave behind for your loved ones. Beyond that, improper titling of assets or failure to update beneficiary designations can result in assets being distributed in ways that contradict your intentions. A Fort Lauderdale estate planning lawyer can help you craft a plan to best protect your hard-earned life savings.
Risk #5: DIY Estate Planning Increases the Risk of a Serious Dispute Between Loved Ones
No person wants to leave their family and friends dealing with stress, confusion, or worse yet, a serious dispute. Unfortunately, that is a big risk with DIY estate planning. Indeed, one of the most heartbreaking consequences of inadequate estate planning is the potential for family conflict. If your documents are unclear, outdated, or legally questionable, very bad disputes can arise between your loved ones. It could lead to lengthy, costly, and emotionally draining legal battles.
Family members may challenge a will, argue over asset distribution, or feel that your true intentions were not honored. They may even have good faith mistaken beliefs about what your final wishes actually are. These disputes can strain or even permanently damage relationships. DIY estate plans too often end in bad disputes—especially so if the decedent owns complex property/assets. A properly structured estate plan can make a difference.
Consult With Our Fort Lauderdale Estate Planning Lawyer Today
At The Law Offices of Odelia Goldberg, our Fort Lauderdale estate planning attorney provides solutions-focused guidance and support to people and families. DIY estate planning can be extremely risky. You are not alone. If you have any questions about your options, we are more than happy to help. Contact us today for a fully confidential consultation. We provide estate planning services in Fort Lauderdale and throughout the surrounding region in Florida.
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